Austrian energy company OMV tops forecasts on record production

OMV’s cash flow from operating activities was 1.14 billion euros in the quarter, significantly above the expectations of analysts at Jefferies and Berenberg.

OMV shares were up 3.2 per cent at 44.80 euros at 0727 GMT, while the Austrian blue-chip index was flat. The stock, which shed 28 per cent in 2018, has gained around 14 per cent this year, outperforming the European sector index, which is up 7 per cent. OMV resumed production at Libya’s El Sharara in March after state guards and tribesmen had closed the country’s biggest oil field in December seeking salary payments and development funds.

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